Midtown Hotel Trades for More Than $100M

A 730-room midtown Manhattan hotel has sold for more than $100 million. The buyer, a partnership between Highgate Holdings, Oxford Lodging and the Goldman Sachs Whitehall fund, purchased the Metropolitan Hotel from owner Loews Hotels. The partners plan to renovate the 42-year-old building, which is located between 50th and 51st streets.

A Loews spokesman says that the firm will now focus strictly on "four- and five-star luxury hotels."

Loews Hotels, a division of the Loews Corp., recently assumed management of the Jefferson Hotel, a luxury hotel in Washington, D.C. The company owns a total of 16 hotel properties throughout the United States.